I had the pleasure of joining ImpactAlpha’s Agents of Impact Call to discuss an important topic: catalysing local growth funds for Africa. Across sectors such as healthcare, education, agriculture, and financial services, growth businesses are driving real economic impact and creating jobs at scale. Yet, by our estimates at Aruwa Capital Management, Nigeria and Ghana alone face a $150 billion growth capital funding gap. The conversation highlighted a shared recognition among fund managers across Francophone Africa, Ghana, and Kenya of the need for: fit-for-purpose capital, creative liquidity solutions, local insights, technical assistance, and support to institutionalise businesses. As Drew von Glahn noted, local capital managers play a crucial role in the middle of the “hourglass,” bridging the gap between small firms and large-scale investment.